Consumers should be wary of any unsolicited calls from Equity Secure, a firm that claims to secure ‘equity release from your timeshare commitments’, according to the latest alert issued by RDO following several complaints received.
Equity Secure operates using a website but does not appear to have an office in the UK. The firm has been wrongly informing timeshare owners that their maintenance fees are to double in January next year because of changes in the law, and asking for a fee to sign up for their service, which offers to recover up to £12,000 on their behalf.
RDO explains that when the new EU Timeshare Directive is implemented in February 2011, consumers will be better protected as there will be a new 14 day cooling off period and a ban on deposits. This law doesn’t extend to maintenance fees and claims that these are to double are totally unfounded.
RDO is also doubtful that owners would receive the promised money and does not endorse this type of ‘cashback’ scheme. Owners who wish to sell their timeshare, should do it through an RDO member as these are bound to a code of conduct that protects consumers.